The level of unemployment in Armenia is steadily decreasing, according to an announcement made by Armenian Finance Minister Vahram Hovhannisyan during a meeting of the parliamentary standing committees on November 6, 2024. Hovhannisyan expressed his astonishment at the low unemployment rates, stating, “I do not remember a time when Armenia had such low unemployment rates. However, there is still room for improvement in employment-related programs.”

The Prime Minister of Armenia, Nikol Pashinyan, further confirmed the country’s low level of unemployment. He revealed that the unemployment rate in 2023 was 11.7%, which decreased from 13% in the same period the previous year. Pashinyan emphasized the importance of reflecting this achievement in poverty reduction indicators.

Speaking about poverty reduction, Pashinyan informed that the poverty reduction indicator for 2022 was published, showing a decline from 26.5% to 24.8%. The rate of extreme poverty also decreased from 1.5% to 1.2%. Interestingly, international experts had predicted a potential increase in poverty of up to 39.6%, based on different criteria.

Pashinyan further highlighted that the experts of the International Bank had forecasted a possible increase in poverty of up to 39.6% for the current year.

These significant developments in Armenia’s employment and poverty levels are promising signs for the country’s economic progress. Further efforts and improvements in employment programs are necessary to sustain and build upon this positive trend.